Proposed
RESOLUTION NO. 1-05
A RESOLUTION FOR THE
TOWN OF
TO PARTICIPATE AS AN
ISSUER OF
INFRASTRUCTURE BONDS,
2005 SERIES A
Introduced by:
Ways and Means Committee
ENACTED:
A RESOLUTION OF THE TOWN
OF FOREST HEIGHTS, MARYLAND, A MUNICIPAL CORPORATION OF THE STATE OF MARYLAND,
PROVIDING FOR THE ISSUANCE AND SALE OF AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED TWO MILLION DOLLARS
($2,000,000) OF BONDS OF TOWN OF FOREST HEIGHTS, MARYLAND, TO BE KNOWN AS
“TOWN OF FOREST HEIGHTS, MARYLAND INFRASTRUCTURE BONDS, 2005 SERIES A”, TO BE
ISSUED AND SOLD PURSUANT TO THE AUTHORITY OF SECTION 2-204 (16) (iv) OF ARTICLE
83B OF THE ANNOTATED CODE OF MARYLAND, AS AMENDED, FOR THE PURPOSE OF PROVIDING
ALL OR A PORTION OF THE FUNDS NECESSARY FOR THE PURPOSE OF THE FOLLOWING
PROJECT: ROAD REPAIR PROJECTS AND
PAYING THE COSTS OF ISSUING THE BONDS (as hereinafter defined); PROVIDING THAT THE BONDS SHALL BE
ISSUED UPON THE FULL FAITH AND CREDIT OF THE TOWN OF FOREST HEIGHTS, MARYLAND;
PROVIDING FOR THE DISBURSEMENT OF THE PROCEEDS OF THE SALE OF THE BONDS AND FOR
THE LEVY OF ANNUAL TAXES UPON ALL ASSESSABLE PROPERTY WITHIN THE TOWN OF FOREST
HEIGHTS FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON THE BONDS AS THEY
SHALL RESPECTIVELY MATURE; PROVIDING FOR THE FORM, TENOR, DENOMINATION, MATURITY
DATE AND OTHER PROVISIONS OF THE BONDS; PROVIDING FOR THE SALE OF THE BONDS; AND
PROVIDING FOR RELATED PURPOSES, INCLUDING THE METHOD OF FIXING THE INTEREST RATE
TO BE BORNE BY THE BONDS.
WHEREAS, the Town of Forest
Heights, Maryland (the “Issuer”) is a municipal corporation of the State of
Maryland organized and operating under (the “Charter”) adopted in accordance
with Article XI-E of the Constitution of Maryland and Article 23A of the
Annotated Code of Maryland, as amended (the “Maryland Code”);
and
WHEREAS, pursuant to the
authority of Section 2-204(16)(iv) of Article 83B of the Maryland Code, the
Issuer has determined to issue its general obligation bonds in the aggregate
principal amount not to exceed Two Million Dollars ($2,000,000) for the purpose
of road repair projects
(collectively, the “Project”) and the payment of issuance costs, bond
insurance premiums and other related costs; and
WHEREAS, the Issuer proposes to
issue and sell the Bonds to the Community Development Administration, an agency
in the Division of Development Finance of the Department of Housing and
Community Development, a principal department of the government of the State of
Maryland (the “Administration”), in connection with the Local Government
Infrastructure Financing Program of the Administration (the “Program”); and
WHEREAS, it is the intention of
the Issuer by this Resolution to provide for the issuance and sale of the
aforementioned Bonds and to obtain a loan from the Administration pursuant to
the Program (the “Loan”).
WHEREAS, the Issuer intends to
authorize the Mayor of the Town of Forest Heights (the "Mayor") to execute and
deliver the Bonds and all other documents, certificates and other materials
related to the issuance, sale and delivery of the Bonds and the execution and
delivery of the Loan.
WHEREAS, the Administration
intends to issue one or more series of its Local Government Infrastructure Bonds
(Ambac Insured) (the “Administration’s Bonds”) to finance the Loan and other
loans to be financed pursuant to the Program (the “Administration
Financing”).
NOW, THEREFORE, BE IT
RESOLVED:
Section 1. Authorization, Terms, Form of
Bonds.
(a) The
Issuer shall borrow upon its full faith and credit and shall issue and sell upon
its full faith and credit an aggregate principal amount not to exceed Two
Million Dollars ($2,000,000)
principal amount of its general obligation bonds, to be issued pursuant to the
authority of Section 2-204(16)(iv) of Article 83B of the Maryland Code, to be
known as the “Town of Forest Heights, Maryland Infrastructure Bonds, 2005 Series
A” (the “Bonds”). The proceeds from
the sale of the Bonds shall be used for the purpose of providing a portion of
the funds necessary for financing the Project and the payment of issuance costs,
bond insurance premiums and other related costs.
(b) The
Bonds shall be issued as a single fully registered bond certificate in the
aggregate principal amount not to exceed Two Million Dollars ($2,000,000)
payable to the Administration as the registered owner thereof. The Bonds shall be issued in such amount
or such lesser amount as determined by the Mayor, pursuant to subsection (g)
below, which shall be equal to the principal amount of the Loan to be financed
under the Program.
(c) The
Bonds shall be dated as of the date of issue, or as of such other date as is
specified by the Administration; shall be numbered R-1; shall be initially
registered in the name of the Administration or its designee; shall bear
interest from the Date which is one month prior to their dated date, payable
semiannually on May 1 and November 1, at such annual rate or Rates and be
payable in annual principal installments at the designated Office of the
Administration.
(d) The
Bonds shall bear interest at an annual rate or rates of interest not to exceed
4.70 percent for a loan with a maturity of twenty years, the actual rate of
rates of interest to be borne by the Bonds to be determined and established by
the Mayor acting pursuant to Section 1(g) of this
Resolution.
(e) The
Bonds shall be in substantially the form set forth on Exhibit A attached hereto
and made a part hereof, which form, together with all of the covenants and
conditions therein contained, is hereby adopted by the Issuer as and for the
form of obligation to be incurred by the Issuer and such covenants and
conditions are hereby made binding upon the Issuer, including the promise to pay
therein contained.
(f)
The Bonds are to be issued in connection with the Program to finance a portion of the
Project and to pay costs of issuance, bond insurance premiums and other related
costs. Under the Program, the
Issuer will enter into a Repayment Agreement and a Pledge Agreement with the
Administration (respectively, the “Repayment Agreement” and the “Pledge Agreement”). The Issuer also will execute and deliver
in connection with the issuance of the Bonds and the Program any additional
documents, agreements, instruments and certificates requested by the
Administration (which, together with the Repayment Agreement and the Pledge
Agreement are herein referred to as the “Program Documents”). The Program Documents shall be in such
form and shall contain such terms and conditions as shall be approved by the
Mayor and acceptable to the Administration.
(g)
Because this Resolution is being adopted before the details of the
Administration Financing which is funding the Loan to be made by the
Administration to the Issuer under the Program have been finalized, the Mayor is
hereby authorized to make such changes to the amount and form of the Bonds,
including insertions therein or additions or deletions thereto, as may be
necessary or appropriate to conform the terms of the Bonds to the terms of the
financing to be provided to the Issuer under the Program. Without limiting the
foregoing, it is presently contemplated that the Loan will be in an amount not
to exceed the $2,000,000 in aggregate principal amount hereby authorized,
subject to final approval by the Administration; accordingly, the Mayor is specifically authorized: (i) to make
changes to the principal amount of the Bonds in order to reflect the final
principal of the Loan not to exceed $2,000,000 as approved by the Administration
and accepted by the Issuer, (ii) to authorize and approve an interest rate or
rates and payment schedule
reflecting the principal and interest payments with respect to the Bonds
but not to exceed the maximum rate of interest to be borne by the Bonds as set
forth in subsection (d) above.
(h) This
borrowing is in conformance with and does not exceed any and all applicable debt
limitations under the Charter.
Section 2. Execution. The Bonds and the Program Documents
shall be executed on behalf of the Issuer by the manual or facsimile signature
of the Mayor, and the seal of the Issuer shall be affixed thereto or reproduced
thereon and attested by the manual signature of the Town Clerk of the
Issuer. In the event any official
whose signature appears on any of the Bonds or the Program Documents shall cease
to be an official prior to the delivery of the Bonds or the Program Documents,
or, in the event any official whose signature appears on any of the Bonds or the
Program Documents becomes an officer after the date of the issue, the Bonds or
Program Documents shall nevertheless be valid and binding obligations of the
Issuer in accordance with their terms.
The Mayor is hereby authorized, empowered and directed to complete the
applicable form of the Bonds or the Program Documents and to make modifications,
deletions, corrections or other changes thereto in any manner which the Mayor,
in the Mayor’s discretion, shall deem necessary or appropriate to complete the
issuance and sale of the Bonds and the execution and delivery of the Program
Documents, as will not alter the substance thereof. The execution of the Bonds and the
Program Documents by the Mayor shall be conclusive evidence of the Mayor’s
approval of the form and substance thereof.
Section 3. Registration of Bonds. The Town Clerk shall act as registrar
for the Bonds and shall maintain registration books for the registration and
registration of transfer of the Bonds.
No security or bond shall be required of the Town Clerk in the
performance of the duties of registrar for the Bonds.
The Issuer may deem and
treat the person in whose name any Bond shall be registered upon the books of
the Issuer as the absolute owner of such Bond, whether such Bond shall be
overdue or not, for the purpose of receiving payment of, or on account of, the
principal, premium, if any, of and interest on such Bond and for all other
purposes.
Section 4. Prepayment. The Bonds are being issued in connection
with the Program and will secure payment of the Administration’s Bonds, which
are being issued by the Administration to provide funds to purchase the Bonds
from the Issuer. The Repayment
Agreement limits the right of the Issuer to prepay the Bonds in accordance with
restrictions upon the right of the Administration to redeem the Administration’s
Bonds. Accordingly, the Issuer may
prepay the Bonds only in accordance with the provisions of the Repayment
Agreement and the terms governing prepayments as set forth in the
Bonds.
Section 5. Replacement of Mutilated, Lost, Stolen,
or Destroyed Bonds. In case any Bond (a “Bond” being, for
purposes of this Section, any one of the Bonds) shall become mutilated or be
destroyed, lost or stolen, the Issuer may cause to be executed and delivered a
new Bond of like date and tenor and bearing the same or a different number, in
exchange and substitution for each Bond mutilated, destroyed, lost or stolen,
upon the owner paying the reasonable expenses and charges of the Issuer in
connection therewith and, in the case of any Bond being destroyed, lost or
stolen, upon the owner filing with the Issuer evidence satisfactory to it that
such Bond was destroyed, lost or stolen, and furnishing the Issuer with
indemnity satisfactory to it. Any
Bond so issued in substitution for a Bond so mutilated, destroyed, lost or
stolen: (i) may be typewritten, printed or otherwise reproduced in a manner
acceptable to the Administration, and (ii) shall constitute an original
contractual obligation on the part of the Issuer under this Resolution whether
or not the Bond in exchange for which said new Bond is issued shall at any later
date be presented for payment and such payment shall be enforceable by anyone,
and any such new Bond shall be equally and proportionately entitled to the
benefits of this Resolution with all other like Bonds, in the manner and to the
extent provided herein.
Section 6. Use of Proceeds.
(a) The
proceeds of the Bonds shall be held and invested by the Administration in its
sole discretion and shall be administered and disbursed by the Administration
pursuant to the Repayment Agreement. The proceeds of the Bonds shall be used,
when and as required, to pay Development Costs (as defined in the Repayment
Agreement).
(b) After
the Project has been completed and all Development Costs in connection therewith
have been paid, any balance of the proceeds of the sale of the Bonds held by the
Administration under the Repayment Agreement may be applied to the next maturing
principal installment or prepayment of the Bonds, as permitted by the
Administration.
Section 7. Covenants. The Issuer covenants
with the Administration and for the benefit of the owners from time to time of
the Bonds, that so long as the bonds or installments of principal thereunder
shall remain outstanding and unpaid:
(a) The
Issuer will duly and punctually pay, or cause to be paid, to the Administration
the principal of the Bonds, premium (if any) and interest accruing thereon, at
the dates and places and in the manner mentioned in the Bonds from unlimited ad
valorem taxes in the event that available funds are inadequate to make such
payment.
(b) The
Issuer covenants that so long as any of the Bonds are outstanding and not paid,
unless other funds are available for payment of principal of, premium, if any,
and interest on the Bonds, it shall levy annually, in the manner prescribed by
law, a tax on all real and tangible personal property within its corporate
limits subject to assessment for unlimited taxation, ad valorem taxes in rate
and amount and sufficient, to provide for the payment of the principal of and
interest on the Bonds as the same become due and payable; and in the event that
the revenues available from the taxes so levied in any fiscal year shall prove
inadequate for the above purposes, the Issuer shall levy additional taxes in the
succeeding fiscal year to make up such deficiency; and the full faith and credit
and the unlimited taxing power of the Issuer are hereby irrevocably pledged to
the punctual payment of the principal of and interest on the Bonds as the same
become due.
(c) The
Issuer will promptly provide to the Administration (or to any person designated
by the Administration) all financial information and operating data concerning
the Issuer as may be required by the Administration in its discretion in order
to comply with the requirements of Rule 15c2-12 of the United States Securities
and Exchange Commission, as in effect from time to time, applicable to the
Administration’s Bonds.
Section 8. Resolution a Contract. The provisions of this Resolution shall
constitute a contract with the purchasers and owners from time to time of the
Bonds, and this Resolution shall not be repealed, modified or altered in any
manner materially adverse to the Administration and interests of such purchasers
or owners while the Bonds or any portion thereof remain outstanding and unpaid
without the consent of the owners of the Bonds and the
Administration.
Section 9. Pledge of Local Government
Payments. As contemplated and authorized by
Section 2-204(16)(iii) of Article 83B of the Maryland Code, as amended, the
Issuer hereby pledges, assigns and grants a security interest to the
Administration, its successors in trust and assigns, all right title and
interest of the Issuer in and to the Local Government Payments (as defined in
the Pledge Agreement), now or hereafter acquired, to secure payment of the
principal of, premium, if any, and interest on the Bonds and any other Local
Obligations (as defined in the Pledge Agreement) issued and to be issued from
time to time by the Issuer under the Program, all as more fully set forth and
provided in the Pledge Agreement.
Section 10. Purchase Price of Bonds. The Bonds shall be sold for cash in
accordance with the terms and provisions of this Resolution at par (or if
discount is permitted by law) at such discount as is agreed with the
Administration in accordance with the terms and provisions of this Resolution,
and as authorized by Section 2-204 (16)(ii) of Article 83B of the Maryland
Code.
Section 11.
Section 12. Authority to Take Action; Publication
and Public Hearing.
(a) The
officers and employees of the Issuer are hereby authorized and directed to do
all acts and things required of them by the provisions of this Resolution, for
the full, punctual and complete performance of all the terms, covenants and
provisions of the Bonds, the program documents and this Resolution and to do and
perform all acts and to execute, seal and deliver all documents or instruments
of writing which may be necessary or desirable to carry out the full intent and
purpose of this Resolution and the
Program Documents.
(b) As
required by Section 2-204(16)(iv)2 of Article 83B of the Maryland Code, prior to
the issuance of the Bonds, the Issuer shall publish in a newspaper of general
circulation in the jurisdiction of the Issuer a notice of the proposed issuance
of the Bonds, which notice shall include the proposed amount of the issue, the
nature of the project to be financed, the time and place of the public hearing,
and the name and address of where written comments may be sent, and the Issuer
shall hold a public hearing on the proposed issuance of the Bonds. Such actions may be (or have been) taken
prior to or simultaneously with the adoption of this
Resolution.
Section 13. Tax Matters
(a) The
Mayor shall be the officer of the Issuer responsible for the issuance of the
Bonds within the meaning of the Arbitrage Regulations (defined herein). The Mayor shall also be the officer of
the Issuer responsible for the execution and delivery (on the date of issuance
of the Bonds) of a certificate of the Issuer (the "Section 148 Certificate")
which complies with the requirements of Section 148 of the Internal Revenue Code
of 1986, as amended (“Section 148"), and the applicable regulations thereunder
(the “Arbitrage Regulations”), and such official is hereby directed to execute
the Section 148 Certificate and to deliver the same to the Administration on the
date of the issuance of the Bonds.
(b) The
Issuer shall set forth in the Section 148 Certificate its reasonable
expectations as to relevant facts, estimates and circumstances relating to the
use of the proceeds of the Bonds, or of any monies, securities or other
obligations to the credit of any account of the Issuer which may be deemed to be
proceeds of the Bonds pursuant to Section 148 of the Arbitrage Regulations
(collectively, “Bond Proceeds”).
The Issuer covenants that the facts, estimates and circumstances set
forth in the Section 148 Certificate will be based on the Issuer’s reasonable
expectations on the date of issuance of the Bonds and will be, to the best of
the certifying officials, knowledge, true and correct as of that
date.
(c) The
Issuer covenants and agrees with each of the holders of any of the Bonds that it
will not make, or (to the extent that it exercises control or direction) permit
to be made, any use of the Bond Proceeds which would cause the Bonds to be
“arbitrage bonds” within the meaning of Section 148 and the regulations
thereunder which are applicable to the Bonds on the date of issuance of the
Bonds and which may subsequently lawfully be made applicable to the
Bonds.
(d) The
Issuer further covenants that it shall make such use of the proceeds of the
Bonds, regulate the investment of the proceeds thereof; and take other and
further actions as may be required to maintain the excludability from gross
income for federal income tax purposes of interest on the Bonds. All officers, employees and agents of
the Issuer are hereby authorized and directed to take such actions, and to
provide such certifications of facts and estimates regarding the amount and use
of the proceeds of the Bonds, as may be necessary or appropriate from time to
time to comply with, or to evidence the Issuer’s compliance with, the covenants
set forth in this Section.
(e) The
Mayor, on behalf of the Issuer, may make such covenants or agreements in
connection with the issuance of Bonds issued hereunder as she shall deem
advisable in order to assure the registered owners of such Bonds that interest
thereon shall be and remain excludable from gross income for federal income tax
purposes, and such covenants or agreements shall be binding on the Issuer so
long as the observance by the Issuer or any such covenants or agreements is
necessary in connection with the maintenance of the exclusion of the interest on
such Bonds from gross income for federal income tax purposes. The foregoing covenants and agreements
may include such covenants or agreements on behalf of the Issuer regarding
compliance with the provisions of the Internal Revenue Code of 1986, as amended,
as the Mayor shall deem advisable in order to assure the registered owners of
such Bonds that the interest thereon shall be and remain excludable from gross
income for federal income tax purposes, including (without limitation) covenants
or agreements relating to the investment of the proceeds of such Bonds, the
payment of rebate (or payments in lieu of rebate) to the United States,
limitations on the times within which, and the purpose for which, such proceeds
may be expended, or the use of specified procedures for accounting for and
segregating such proceeds.
Section 14. Effective Date;
Miscellaneous.
(a) This
Resolution shall take effect from the date of its adoption, and it is the intent
hereof that the laws of the State of
ADOPTED
THIS ________ DAY OF __________, 2005 BY THE TOWN COUNCIL OF THE TOWN OF
APPROVED THIS _____ DAY OF __________, 2005
_______________________________
Paula R. Noble, Mayor
_______________________________
Council Member
_______________________________
Council Member
_______________________________
Council Member
_______________________________
Council Member
ATTEST: _______________________________________
Exhibit A. – Form of Bond
[FORM OF
BOND]
EXHIBIT
A
State of
Town of
Infrastructure Bond,
2005 Series A
No. R-1
[$2,000,000]
The TOWN OF FOREST HEIGHTS, a municipal corporation duly organized and
existing under the Constitution and laws of the State of
Or its registered
assigns, the principal amount of Two million Dollars ($2,000,000), plus interest
on each unpaid principal installment at the rates per annum set forth under the
column designated “Coupon” on Exhibit A attached hereto for each principal
installment, in lawful money of the United States of America, as follows: (a)
interest on the outstanding and unpaid principal of this Bond (as hereinafter defined) shall be due and
payable in semiannual payments commencing on __________, 2005, and continuing on
the first day of November and May in each year thereafter until final maturity;
(b) principal of this Bond shall be paid commencing on _________ and on May 1
and November 1 in each year thereafter until final maturity in the aggregate
amount of principal installments as set forth on Exhibit A. Payment of the principal hereof and the
interest due hereon shall be made by check mailed to the address of the
registered owner of this bond as shown on the registration books maintained by
the Issuer, or in such other manner and to such other address as the registered
owner of this bond may designate.
If any payment of the principal of or interest on this Bond shall be due
on a day other than a Business Day (defined herein), such payment shall be made
on the next Business Day with like effect as if made on the originally scheduled
date. A “Business Day” is any day
other than a Saturday or legal holiday in the State of
In the event any payment hereon (whether principal, interest or both) is
not paid when due and payable, such payment shall continue as an obligation of
the Issuer and shall bear interest until paid at the rate of interest borne by
this Bond.
This bBond, designated as “Town of Forest
Heights, Maryland, Infrastructure Bond, 2005 Series A” (the “Bond”), is a
general obligation of the Issuer, and has been duly issued by the Issuer for the
purpose of providing a portion of the funds necessary for the following project:
road repairs; and the payment of issuance costs, bond insurance premiums and
other related costs. Unless paid
from other sources, the Issuer covenants that so long as any portion of this
Bond is outstanding and not paid, it shall levy annually, in the manner
prescribed by law, a tax on all real and tangible personal property within its
corporate limits subject to assessment for unlimited taxation, ad valorem taxes
in rate and amount and sufficient, to provide for the payment of the principal
of and interest on this Bond as the same become due and
payable.
This Bond is issued pursuant to the authority of Section 2-204(16) (iv)
of Article 83B of the Annotated Code of Maryland, as amended, and a Resolution
of the Issuer adopted on _________, 2005 (the "Resolution”). The full faith and credit of the Issuer
are hereby irrevocable pledged to the payment of the principal of the Bond and
the interest to accrue hereon.
This Bond is issued in connection with the Infrastructure Financing
Program of the Community Development Administration, an agency in the Division
of Development Finance of the Department of Housing and Community Development, a
principal department of the government of the State of
This
Bond is not subject to prepayment by the Issuer prior to [May] 1, 20____. On or after
Notice of prepayment shall be given, the date of prepayment determined,
and all prepayments of this Bond shall be applied in accordance with the
provision of the Repayment Agreement.
The Issuer may treat the person in whose name this Bond is registered as
the absolute owner hereof, whether or not this Bond shall be overdue, for the
purpose of receiving payment thereof and for all other purposes whatsoever, and
shall not be affected by any notice to the contrary, except as provided
below.
This Bond is assignable and upon such assignment the assignor shall
promptly notify the Issuer by certified mail, and the assignee shall surrender
this Bond to the Issuer for transfer on the registration records and
verification of the portion of the principal amount hereof and interest hereon
paid or unpaid, and every such assignee shall take this Bond subject to such
condition. In connection with any
transfer of this Bond, the Issuer may make a charge sufficient to reimburse it
for any tax, or other governmental charge required to be paid with respect to
such transfer and any reasonable fees or expenses of the Issuer incurred in
connection with such transfer.
Principal of this Bond is paid in annual installments and this Bond is
subject to partial redemption without any notation of such payment being made on
this Bond or the surrender of this Bond for cancellation and the issuance of a
new Bond or Bonds in the amount of the unpaid principal hereof. Accordingly, the outstanding principal
of this Bond may be less than the stated face amount hereof and any purchaser or
transferee of this Bond should contact the Issuer and the prior owner of this
Bond to ascertain the outstanding face amount hereof.
As declared by Section 2-204(16)(vi) of Article 83B of the Annotated Code
of Maryland, as amended, this Bond shall have and possess all the attributes of
negotiated instruments as provided in Article 31,§8 of the Annotated Code of
Maryland, as amended. This Bond is
issued with the intent that the laws of the State of
No recourse shall be had for the payment of the principal of, the
interest on, or for any claim based hereon or on the Resolution against any
elected or appointed official or employee, past, present or future of the Issuer
or any agency thereof; and any such recourse, claim or liability is expressly
waived by acceptance by the owner of the delivery of this
Bond.
It is hereby certified and recited that each and every act, condition and
thing required to exist, to be done, to have happened and to be performed
precedent to and in the issuance of this Bond does exist, has been done, has
happened and has been performed in full and strict compliance with the
Constitution and laws of the State of Maryland, the Charter of the Issuer and
the proceedings of the Issuer.
IN WITNESS WHEREOF, the Town of Forest Heights, Maryland has caused this
Bond to be signed in its name by the manual or facsimile signature of its Mayor,
its corporate seal to be affixed hereto and attested by the manual signature of
the Town Clerk, as of this ____________, 2005.
ATTEST:
The Town of
______________________________
By:
__________________________
Certificate of
Authentication
Date of
Authentication:___________________, 200_
This Bond is one of the bonds of designated SERIES A 2005 issued under
the provisions of the within-mentioned Resolution.
The Town of
__________________________________
(Form of
Assignment)
ASSIGNMENT
FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfer unto
______________________________________________________________
(Include Social Security or Other Identifying Number of
Assignee)
______________________________________________________________
______________________________________________________________
______________________________________________________________
(Name and Address
including Postal Zip Code of Assignee)
the within Bond and all
rights thereunder, and hereby irrevocably constitutes and appoints
__________________________________________ attorney to transfer the within Bond
on the books of the Issuer at the offices of the Issuer in [the] _____________,
Maryland or at the offices of its designated agent, with full power of
substitution in the premises.
Date:
_______________
________________________________________________
NOTICE: The signature to
this assignment must
Correspond with the name as it appears upon the
face
Of the within Bond in every particular, without
Alteration or enlargement or any change whatever.
Signature guaranteed
by:
________________________________
(Bank, Trust Company or
Firm)
_____________________________
(Authorized
Signature)
BOND PAYMENT
SCHEDULE
[Use the following
paragraph (with necessary modifications) to clarify the amount to be paid under
the schedule prepared by the Financial Advisor.
[Repayment Schedule to
be Inserted.]
Each installment of
Principal and Interest or Interest alone shall be the aggregate of amounts set
forth in this Exhibit A for the date of such payment as shown under the heading
designated “Debt Service.”